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New York, NY - In addition to rising food and fuel prices, New Yorkers are being hit by rising property taxes. The average property tax in the Big Apples is expected to go up by $171 this year.
The rise in property taxes is expected to be higher in Manhattan and lower in The Bronx.

Behind the increase in the real property tax are the rising assessments and the complex taxation system in the city.

Property taxes comprise the largest revenue source for New York City. This year it is expected to contribute $13.78 billion to city coffers.

The average annual real property tax in the city ranges from $2,944 to $3,115 for one- to three-family homes. Manhattan’s single family units’ realty taxes ranges from $24,188 to $26,114 per annum.

Meanwhile, New York Gov. David Paterson and new Senate Majority Leader Dean Skelos promised to come up with a property tax relief package not only for residents of New York City, but also across the state.
Paterson said in a new conference the solutions being considered, to be implemented within a month, included a tax cap.